European Central Bank

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News about European Central Bank, including commentary and archival articles published in The New York Times.

Chronology of Coverage

Jul. 17, 2015

European finance ministers agree to proceed with bailout negotiations and provide short-term loans to Greece, while European Central Bank extends line of credit for Greek banks, allowing them to reopen. MORE

Jul. 16, 2015

Diagram offers timeline of key upcoming events and other factors as Greece and European creditors attempt to finalize agreement on debt crisis. MORE

Jul. 14, 2015

European Central Bank, under proposed resolution for Greece's debt crisis, will provide cash infusion for some Greek banks and have authority to shut down insolvent ones. MORE

Jul. 11, 2015

Greek Parliament approves Prime Min Alexis Tsipras's plan for three-year, $59 billion rescue package with stringent austerity terms; analysts say European creditors will still be skeptical that Greece's fractured government will be capable of adhering to difficult economic action. MORE

Jul. 10, 2015

Greek Prime Min Alexis Tsipras presents plan of austerity measures, including pension cuts, to gain new bailout package from European creditors; asks for three-year loan of 53.5 billion euros, or $59 billion and commitment to help Greece restructure its massive debt; it is unclear whether latest strategy reflects political determination to negotiate deal that keeps Greece in eurozone. MORE

Jul. 9, 2015

Euro, common currency once viewed as a unifying force, is being used as leverage by both Greece and its European creditors, each side wielding it to gain compromise in Greek debt crisis bailout plan. MORE

Jul. 6, 2015

Greek voters' refusal to accept demands of international creditors leaves country's fate in hands of European Central Bank; collapse of bailout talks has left Greece's banks dangerously low on cash, leaving them dependent on central bank to continue functioning. MORE

Jul. 2, 2015

Announcement by Greek Prime Min Alexis Tsipras's government that they now are willing to acquiesce and accept some key terms of bailout package from European Central Bank comes as surprise to many and lends confusion to already convoluted discussion of Greece's future; European leaders, tired of issue, do not readily agree to any solution. MORE

Jun. 30, 2015

Andrew Ross Sorkin DealBook column argues that hard line taken by Europe and European Central Bank in Greek debt negotiations is in part meant to set example for other debtor nations, like Portugal, Spain and Italy; observes that ECB has interest in making possible Greek exit as messy as possible to deter other nations from similar path. MORE

Jun. 29, 2015

Greek Prime Min Alexis Tsipras announces emergency shutdown of nation's banks and stock exchange as deadline for large debt repayment approaches and European Central bank refuses to extend emergency loan program; move follows withdrawal of billions of euros by panicked Greeks; nation will hold referendum on whether to accept stiff terms from creditors or risk exit from euro. MORE

Jun. 22, 2015

Emergency summit meeting of eurozone leaders in Brussels will focus on question of whether debtor nations like Greece should be extended more credit for sake of keeping eurozone intact; Greek dilemma has highlighted way European Central Bank has kept Greek banking system from collapse even as it has been central to pushing country to default by refusing debt-relief. MORE

Jun. 20, 2015

European Central Bank again increases its emergency funding to Greece as negotiations fail to yield deal on flailing bailout; bank has essentially been propping up nation's financial system as depositors accelerate withdrawals. MORE

Jun. 17, 2015

Court of Justice, Europe's highest appeals court, grants European Central Bank legal authority to pursue its bond-buying program, known as Outright Monetary Transactions; program has not so far been used, but very idea that bank had power to pursue quantitative easing is credited with helping salvage euro in years since 2012. MORE

Jun. 2, 2015

Top European leaders gather in Berlin to discuss how to handle debt payment Greece must make, even as country needs emergency financing in order to avoid default; Greek Prime Min Alexis Tsipras faces political backlash, even in his own party, over necessity of austerity to receive 7.2 billion euros in aid from International Monetary Fund, European Central Bank and other countries. MORE

May. 27, 2015

Encouraging signs of growth in European economy may lend credence to European Central Bank's stimulus program, which many observers had said was too limited; remains unclear to what degree program should be credited for improvement. MORE

May. 25, 2015

European Central Bank officials meet to discuss unemployment and other economic issues that go beyond its original mandate to reign in inflation, highlighting expansion of bank's role; president Mario Draghi has argued that bank cannot fulfill core mission of price stability without addressing other economic fundamentals. MORE

May. 15, 2015

Greek Finance Min Yanis Varoufakis criticizes European Cental Bank chief Mario Draghi in dramatic statement; separate comments from Varoufakis are interpreted as threat not to pay back billions of euros that Greece owes bank; bank's Governing Council, already weary of what they see as irresponsible behavior, are expected to place further restrictions on emergency cash it provides to shore up Greek banking system. MORE

May. 11, 2015

Greece's finance ministers are meeting with other European nations to forge deal to help country pay back at least part of its vast debt to European Central Bank and International Monetary Fund, which expect repayment in coming weeks; some debt specialists argue that both creditors should offer some form of debt forgiveness. MORE

May. 7, 2015

Most members of European Central Bank's Governing Council are losing patience with Greece, as country tries to win financial aid it sorely needs to avoid default; bank has already lent about 110 billion euros, or $120 billion, to Greek banks, and may be forced to tighten its credit if Greece does not meet creditor demands for significant economic change. MORE

Apr. 30, 2015

European Central Bank reports bank loans to private sector rose 0.1 percent in March compared with year ago, first increase in three years; rise comes amid other signals that eurozone banking system may be finally recovering from credit crisis triggered in 2008. MORE

Apr. 24, 2015

Markit Economics survey indicates that eurozone economy expanded for 22nd consecutive month in April, as composite output index slips to 53.5 from 54 in March; modest pace of growth disappointing some analysts who had higher hopes from European Central Bank's bond-buying program. MORE

Apr. 22, 2015

European Central Bank tightens vice on Greece's ailing banks by curtailing their access to emergency loans; demands that value of collateral posted at central bank locations to secure loans be reduced by as much as 50 percent; so-called 'haircuts' could become even more strict should Greek government remain at impasse with Europe over agreement on austerity measures. MORE

Apr. 16, 2015

European Central Bank president Mario Draghi says in news conference that bond-buying stimulus program along with low oil prices and improved government policies are benefiting eurozone economy; protester interrupts conference to throw confetti at Draghi before being subdued by security guards. MORE

Apr. 3, 2015

European Central Bank officials are determined to move forward with full 1.1 trillion euros, or $1.2 trillion, of planned stimulus, despite fact that eurozone economy is finally displaying signs of improving. MORE

Mar. 19, 2015

Demonstrators clash with police in Frankfurt, site of European Central Bank's new headquarters, protesting against austerity programs and capitalism; rally, organized by group Blockupy and German unions, grows to some 400 protesters who set fire to police cars, furniture and trash, leaving 94 officers and more than 200 demonstrators injured. MORE

Mar. 17, 2015

European Central Bank president Mario Draghi, describing eurozone economy as 'steadily recovering,' calls for 'quantum leap' in European integration. MORE

Mar. 10, 2015

Greece will start debt negotiations in Brussels with European Commission, European Central Bank and International Monetary Fund; bailout money is contingent upon structural overhauls of country's economy. MORE

Mar. 10, 2015

European Central Bank starts its long-awaited bond-buying program; 1.1 trillion euro purchase is meant to help eurozone economy. MORE

Mar. 6, 2015

European Central Bank president Mario Draghi says it will start its new stimulus bond-buying program; predicts rosier economy as result. MORE

Feb. 28, 2015

Parliaments of creditor countries approve four-month extension of Greece's bail-out program; Prime Min Alexis Tsipras characterizes move as victory for Greece, though it goes against his promise to end dealings with Greece's three creditors--the International Monetary Fund, European Commission and European Central Bank. MORE

Feb. 26, 2015

German Finance Agency sells 3.28 billion euros, or around $3.72 billion, in five-year notes with average yield of negative 0.08 percent, first time in its history, which signals that investors are prepared to pay Germany for right to hold its debt; milestone comes as European Central Bank is set to begin quantitative easing to stimulate growth in European economies. MORE

Feb. 25, 2015

European Central Bank Pres Mario Draghi unveils new 20-euro bill that features transparent hologram intended to thwart counterfeiters. MORE

Feb. 20, 2015

Account of critical January meeting of European Central Bank shows it had eye on markets with its large-scale asset-purchase program, which included government bonds, in avoiding otherwise unstable and volatile consequences. MORE

Feb. 19, 2015

European Central Bank and its president Mario Draghi may be ultimate arbiters of fate of showdown between European Union and Greece over country's debt; bank's Governing Council must decide whether to help Greek banks stay solvent, decision that could be seen as general verdict on whether country's government can avoid collapse and whether country will remain part of EU. MORE

Feb. 6, 2015

Paul Krugman Op-Ed column compares standoff between Germany and Greece over Greek government's debt to game of chicken, in which both participants threaten one another while barreling toward disaster; says moment is approaching when European Central Bank and Europe must decide whether to cut off Greece, precipitating chaos; offers hope that bank will refuse to make such an enormously risky move. MORE

Feb. 5, 2015

European Central Bank says it will not accept Greek government bonds as collateral for loans due to lack of confidence that country will meet its bailout requirements, indication that bank is taking hard line against newly elected anti-austerity government; decision comes after first meeting between Prime Min Alexis Tsipras and Finance Min Yanis Varoufakis with ECB officials since elections. MORE

Feb. 4, 2015

For all the opposition to debt forgiveness, the notion has resurfaced as the new government in Athens, facing a cash squeeze, looks for ways to reduce what it owes. MORE

Feb. 1, 2015

As depositors yank their savings from Greek banks, the question is being asked if the E.C.B. would bail them out again. MORE

Jan. 30, 2015

European Central Bank's bond buying program, scheduled to start in March, is intended to help eurozone's 18.4 million unemployed residents, but it could have unwelcome consequences; some people, industries and countries will benefit from stimulus more than others. MORE

Jan. 29, 2015

Swiss National Bank's decision to remove cap on Swiss franc in advance of European Central Bank's stimulus has negatively affected many Polish and other Eastern European homeowners who took out mortgages in currency; move disrupted financial markets and has affected many large companies, but its impact on average European underscores how actions by central bankers can unleash unintended consequences. MORE

Jan. 24, 2015

German Chancellor Angela Merkel and other political leaders in country react in restrained manner to European Central Bank's stimulus effort, signal of effectiveness of bank president Mario Draghi's persuasion and willingness to compromise; lack of forceful complaints suggests bond-buying program will not cause as large rift in eurozone as was initially feared. MORE

Jan. 23, 2015

The Upshot; nineteen nations in euro currency union face stronger pressures to lift their economies as European Central Bank stretches limits of its power with 60 billion euro monthly bond-buying program; bank's president Mario Draghi says structural change is required; many countries have been reluctant to spend more, preferring to hew to budget austerity. MORE

Jan. 23, 2015

The Upshot; experts warn European Central Bank's decision to initiate aggressive bond-buying program in eurozone may not provide enough economic stimulus to deliver growth breakthrough and may create unpredicted global ripple effects; greatest uncertainty for Europe is whether the decision to initiate quantitative easing will be enough to arrest slide toward deflation. MORE

Jan. 23, 2015

European Central Bank's move to buy European bonds is not seen as having much effect on American economy; tourists to Europe will see cheaper spending as euro drops against the dollar; investors will also benefit. MORE

Jan. 22, 2015

With a $69 billion-a-month bond-buying program, Mario Draghi, the European Central Bank president, is unleashing the bank’s full money-printing powers. MORE

Jan. 20, 2015

Editorial welcomes preliminary ruling in German court that could end legal challenge and encourage European Central Bank to begin long-deferred bond-buying program; calls on bank president Mario Draghi to deliver on his promise that bank is willing to do anything necessary to alleviate Continent's lingering recession. MORE

Jan. 20, 2015

Denmark lowers interest again to hold down value of krone; move comes ahead of European Central Bank meeting that could further weaken value of euro. MORE